Note 13 - Per Share Calculations

12 Months Ended

Oct. 31, 2025

13. Per Share Calculations

Basic and diluted earnings per share for the periods presented below were calculated as follows:

	*Year Ended October 31,*
(In thousands, except per share data)	*2025*			*2024*			*2023*

Numerator:
Net income	$	63,865		$	242,008		$	205,891
Less: preferred stock dividends		(10,675	)		(10,675	)		(10,675	)
Less: undistributed earnings allocated to participating securities		(1,944	)		(8,454	)		(16,027	)
Numerator for basic earnings per share	$	51,246		$	222,879		$	179,189
Plus: undistributed earnings allocated to participating securities		1,944			8,454			16,027
Less: undistributed earnings reallocated to participating securities		(1,949	)		(8,605	)		(16,058	)
Numerator for diluted earnings per share	$	51,241		$	222,728		$	179,158
Denominator:
Denominator for basic earnings per share – weighted average shares outstanding		6,449			6,479			6,230
Effect of dilutive securities:
Stock-based payments		443			528			436
Denominator for diluted earnings per share – weighted-average shares outstanding		6,892			7,007			6,666
Basic earnings per share	$	7.95		$	34.40		$	28.76
Diluted earnings per share	$	7.43		$	31.79		$	26.88

There were no anti-dilutive shares in fiscal 2025 and 2024. Anti-dilutive shares were immaterial in fiscal 2023.